I have been reading a book about forming an LLC (for each of my rental buildings). Although it sounds very appealing, in PA the annual registration fee is $460 per LLC in addition to increased accountant fees and other fees. I am wondering if it would serve the same purpose to just increase my multi million dollar umbrella policy for a fraction of the annual cost of maintaining the LLCs. Any suggestions? My buildings are in excellent shape.
LLC laws are very different between states. Ask your insurance for advice, In my state it is more cost effective to just increase the umbreela policy vs. dealing with the costs the LLC would incur in accounting and compliance.